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India one of the biggest markets for ride-sharing services, says Uber CEO Dara Khosrowshahi

Uber CEO Dara Khosrowshahi said India is one of its biggest markets for ride-sharing services, and said that the company is expecting similar results from UberEats business in India, during the company’s Q2 2019 investor call. UberEats’ monthly active platform consumers (MAPCs) grew over 140% year-over-year worldwide, and listed 320,000 restaurants. However, UberEats has failed to pick up in India, given the highly competitive food delivery space. Amazon India was reportedly in talks in July to acquire UberEATS’ India business. Earlier in February, both Swiggy and Zomato had also reportedly held talks to acquire UberEATS.

Some numbers for this quarter:

  • Revenue of $3.16 billion and a loss of $5.2 billion for Q2 2019
  • Increase in trips up by 35% year-on-year gross bookings up 37% year-on-year
  • Over 100 million monthly active platform consumers in July
  • Losses included a driver appreciation award of $298 million made during Uber’s IPO
  • In May, Uber offered its initial public offering at a price of $45 a share. Following this, the company reported a $1.01 billion quarterly loss for its Q1 2019.

According to Khosrowshahi, the company’s core platform growth of $220 million was driven by an increased focus on products, service, tech and brand differentiation in the US and Latin America ridesharing categories. Uber operates in 5 large cities in Germany, which was one of its fastest-growing ridesharing countries this quarter. Buenos Aires in Argentina is the fifth largest city in the world based on trips taken.

Khosrowshahi on effect of mobility platforms and work with local govt

Interestingly, an investor asked Uber executives about the company’s work at local government and city levels and also around the effect that mobility platforms – such as Uber – are having on broader transportation in cities. Khosrowshahi said that Uber has been in “constructive dialogue with many of the cities and many of the transportation authorities in these cities”. He spoke about formulating a clean air plan and a plan to fund electrification of its London fleet. Uber is also “in dialogue with multiple transit operators” and has a live transit product. In India, Uber partnered with Yulu, an aggregator for electric bikes and bicycles, to offer rides in Bangalore. It’s is also planning to launch Uber Bus in India.

Uber said it “obviously” doesn’t share any personal data for riders, “but sharing aggregated traffic data that will allow cities to design more effectively for the next five years in a smarter, better way”.

Uber rewards, Pro, and plans for Uber Bus

  • According to Uber, its losses include $298 million in IPO-related driver rewards and $3.9 billion in employee stock compensation.
  • Strong adoption of Uber Rewards: The service is currently available across the US from May 2019. Under this, the enrolled consumers earn points and rewards for ridesharing and Eats.
  • More than 50% of drivers in the United States are enrolled in Uber Pro, its driver rewards program. Outside the US, Uber Pro was officially launched in Mexico in early July.
  • During the call, Khosrowshahi explained that Uber is experimenting in high capacity vehicles, for example, Uber Bus, Uber Van to take sharing two to three people in the back seat to 10 people in a van.

Download: Earnings Call Transcript | Press Release

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